Five smart year-end tax moves to explore if you're nearing retirement

Although tax filing season is months away, the window to make timely tax-saving moves is closing. In most cases, you must act by Dec. 31 to apply any tax savings to your 2023 federal income tax return. The standard deduction in 2023 is $13,850 for single filers and $27,700 for married couples filing a joint return.